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  Borrowing MoneyReverse Mortgage/Equity Release      Saturday, 24 August 2019  

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Reverse Mortgages


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Overview
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A reverse mortgage allows you to borrow money secured against your home, without having to pay back either the amount you borrowed or the interest due until you leave your home or die. Instead, your debt and interest builds up (or compounds) over time. They are generally restricted to senior Australians. You will generally be required to maintain and insure your home and pay your rates at your own expense. 

The MONEYSMART reverse mortgage calculator above shows

1. the likely long-term impact of one of these products on your level of equity in your home. 

2. the effect on the equity in your home based on decisions you may make about:

> how much you borrow;

> whether you take an initial lump sum, or arrange regular payments or a combination of both;

> how long you borrow for;

> interest rates and various fees; and/or

> changes in home values.

 


   
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This page was last edited on 31 March 2019

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